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MGT 431 Total Compensation and Method Paper WEEK 4 TEAM PAPER

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Running head: TOTAL COMPENSATION METHODS 1
Total Compensation Methods Paper
TEAM MEBER’S NAMERS
MGT431
DATE
TEACHER

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TOTAL COMPENSATION METHODS 2
Total Compensation Methods Paper
Many organizations and employees have opinions of how compensation in the company
should be and what method of compensation works in comparison to another. Exploring the
effects of the methods will determine what compensation each organization will use. Benefit
programs are more popular than in past years because of the health issues today. Organizations
are using benefit programs to attract employees and keep good workers for longevity.
The employee salary, benefits, and compensation are strategies in the organizations
recruitment of top quality employees. Organization should ensure the salaries, benefits, and
other incentives are in accordance with the employee’s needs and what the competition is
offering. According to the Journal of Business and Psychology, 2005 website, which states,
“However, because of changing employee and employer needs, coupled with stagnant reward
systems and outdated benefit plans, most compensation/benefit programs are far from optimal
and almost all programs will undergo substantial redesign in the next decade” (Schiemann, p. 1).
Compensation methods
Compensation methods are vital assets of a strategic plan to reach maximum success.
Although it is not the only factor that will determine accomplishment or failure, compensation
works hand-in-hand with the very people who keep the doors open every day. Compensation
methods are part of a chain reaction that ultimately lead to reaching goals and achieving
maximum success. Employees are the ones that determine the quality of work put into the
organization daily along with the speed of production. Employees are also behind the satisfaction
of consumers and fellow coworkers. How these employees feel about coming to work every day
will affect what they put into the organization. Compensation methods can make an individual

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Anonymous
Had to paraphrase some of the content but overall, really useful material.

Anonymous
Thanks, good work

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